U.S. Senate Majority Leader Chuck Schumer on Monday urged lawmakers to pass a bill to raise or suspend the federal government's $28.4 trillion debt ceiling by the end of the week, warning that failure holds devastating economic consequences.
WASHINGTON -President Joe Biden said on Monday the federal government could breach its $28.4 trillion debt limit in a historic default unless Republicans join Democrats in voting to raise it in the two next weeks.
Asked if he could guarantee the United States won't breach the debt limit, the president answered: "No, I can't. That's up to Mitch McConnell." He said he intended to speak with McConnell about the matter. But Senator Joe Manchin, a moderate Democrat who has been at odds with many in his party on other major issues, said Democratic leaders should not rule out using budget reconciliation to raise the debt ceiling.
Late last month the U.S. House of Representatives passed and sent to the Senate a bill to suspend the limit on Treasury borrowing through the end of 2022. Failure to act could have catastrophic economic consequences. Moody's last month warned that default could cause a nearly 4% decline in economic activity, the loss of almost 6 million jobs, an unemployment rate of close to 9%, a sell-off in stocks that could wipe out $15 trillion in household wealth and a spike in interest rates on mortgages, consumer loans and business debts.
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